Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture:BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) has received results from Li3 Energy Inc (“Li3”) from the pump tests at the Maricunga lithium brine project located in Chile (the “Maricunga Project”). Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga Project (the “Li3 Definitive Agreement”). Li3 currently holds a 17.7% interest in the Maricunga Project along with Minera Salar Blanco (“MSB”) and Lithium Power International Limited (“Lithium Power”) at 32.3% and 50% respectively pursuant to a joint venture arrangement (the “Joint Venture”). Under the terms of the Joint Venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.
Maricunga Project – Pump Test Results
Results from pump testing on well P2 located on the Litio tenement were released by Lithium Power on May 18th, 2017. Pump test well P2 was initially drilled in 2015 down to a depth of 150 metres and surrounded with a network of monitoring wells. Initial testing on the well was conducted in 2015 and returned 37 litres per second over a 28-day test from the upper salt unit and lower aquifer. Subsequent testing was designed to provide additional information on the capacity of the upper salt unit and a new pump test was conducted by the joint venture. This test was conducted by isolating the upper 16 metre section of the hole by installing a packer device located at a depth of 40 metres to constrict brine flow from the lower screened sections of the well. Pumping of this upper section retuned a continuous rate of 45 litres per second over 7 days with only a minor decline in the water level. Assay results from brine pumped averaged 1,140 mg/L lithium and only minor variations in grade were observed over the duration of the test. This upper aquifer section consists of salt with some interbeds of clay, which is distinct from the lower aquifer where sand and gravel are of greater importance.
Jeremy Poirier, President and Chief Executive Officer of the Company commented: “while this test reflects only a smaller portion of the productive aquifers, it illustrates the potential to achieve high brine flows with grades higher than the lower units, which may provide a production advantage in the early years of the project.”
Drilling was by rotary drilling that provide cuttings for lithological logging and for geological interpretation.The brine sample was collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. The University of Antofagasta in northern Chile was used as the primary laboratory to conduct the assaying of the brine samples collected as part of the drilling program. They also analyzed blanks, duplicates and standards, with blind control samples in the analysis chain.
Pumping test data is continuously monitored via a fluid flow meter at the well head and a series of piezometric wells and monitoring wells spaced at appropriate intervals from the well to measure fluid drawdown both in the upper aquifer and the target aquifer. Data are collected by data loggers and by daily manual inspection. Brine discharge is also monitored using a V-notch weir located approximately 1,200 metres from the well. Brine samples are collected daily from the V-notch discharge to assay variations in brine chemistry over the duration of the pump test. The assay procedures for the pump test samples are the same as for the brine samples collected from drill holes.
Don Hains, P.Geo., who is a technical consultant to the Company and is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Lithium Corp.
Bearing is an exploration and development company.The Li3 Definitive Agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier– President and CEO Bearing Lithium – Telephone: 1-604-262-8835
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain “forward-looking information” and “forward-looking statements”(collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the proposed transaction with Li3 and the settlement of the outstanding debt owed to the Li3 Noteholders. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the absence of a material adverse change in the Maricunga Property and receipt of all necessary regulatory and shareholder approvals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.